Genworth Sells Wealth Unit In $413M Aquiline, Genstar Deal

Law360, San Francisco (March 27, 2013, 7:19 PM EDT) -- Life and mortgage insurer Genworth Financial Inc. will sell its wealth-management unit to a partnership of Aquiline Capital Partners and Genstar Capital for $412.5 million, the firm announced Wednesday.

Under the deal, Genworth will give up its Genworth Financial Wealth Management as well as the Altegris Cos., its alternative-solutions provider, as part of a larger plan to streamline the company, its leaders said in a statement Wednesday. Genworth will pay roughly $35 million in the first quarter of 2013 and the remainder once the deal is...